Proposal: Upgrade Proxies for Index Pools and Controllers

Proposals
#1

Upgrade Proxies for Index Pools and Controllers

Summary

The main impetus for this set of upgrades is the current issue in DEGEN - the rebalance is being delayed and mints/swaps blocked in many cases due to the pool having hit its max weight when RGT was added. An upgrade was required to fix this, so I decided to add some other changes that were due for a merge.

Some queries and events will be added to simplify subgraph tracking and keeper management. Exit fees of 0.5% will be added to the core pools and the default swap fee will be set to 2% across the board. Some new control functions will be added to allow governance to update parameters without further proxy upgrades.

Transactions

  1. Set proxy implementation for SigmaControllerV1.sol to 0xE8721b30211F3b487F02173D054F704301983423
  2. Set proxy implementation for SigmaIndexPoolV1.sol to 0xf0204D5aEA78F7d9EbE0E0c4fB21fA67426BFefc
  3. Set proxy implementation for MarketCapSqrtController.sol to 0x120C6956D292B800A835cB935c9dd326bDB4e011
  4. Set proxy implementation for IndexPool.sol to 0x5bD628141c62a901E0a83E630ce5FaFa95bBdeE4
  5. Set default exit fee recipient for core controller to the treasury
  6. Set default exit fee recipient for Sigma controller to the treasury
    • This value was previously an immutable in the contract bytecode, so we will not be changing the recipient, only adding it to storage.
  7. Set exit fee recipient on CC10, DEFI5, ORCL5 to the treasury
  8. Set swap fee on CC10, DEFI5, ORCL5 to 2%
  9. Set swap fee on DEGEN, NFTP to 2%

Code & Tests

Pull request with modifications to the sigma contracts:

Pull request with modifications to the core contracts:

Tests of this proposal’s transactions against a fork of mainnet:

Contract Modifications

This proposal would upgrade the proxy implementations for the following contracts:

  • MarketCapSqrtController.sol
  • IndexPool.sol
  • SigmaControllerV1.sol
  • SigmaIndexPoolV1.sol

Controllers

  • Add setController function.
    • Allows governance to set controller on an existing pool.
  • Add setExitFeeRecipient(address,address) function.
    • Allows governance to update fee recipient on an existing pool.
  • Add setExitFeeRecipient(address[],address) function.
    • Allows governance to update fee recipient on multiple existing pools.
  • Add setSwapFee(address[],address) function.
    • Allows governance to update swap fee on multiple existing pools.
  • Add setDefaultExitFeeRecipient function.
    • Allows governance to update default fee recipient for new pools.
  • Add events PoolReweighed and PoolReindexed .
    • Enables easier subgraph tracking.

Core Controller

  • Add getPoolMeta function.
    • Enables queries for reweigh timing.

Sigma Controller

  • Add immutable governance address.
  • Move defaultExitFeeRecipient from bytecode to storage.
  • Add validTokenList modifier to function getTokenScores.
  • Give governance control over setSwapFee.

Index Pools

  • Set default swap fee to 2% instead of 2.5%.
  • Change reweigh behavior:
    • Weight changes which would exceed the maximum total weight will not occur rather than reverting.
    • Allow token weights to be updated once every 30 minutes instead of once every hour.
    • Weight decrease executed before weight increase in swap functions
  • Set MAX_TOTAL_WEIGHT to 27 instead of 26 in order to be more flexible during re-indexing.
  • Add setController function.
    • Allows current controller to set new controller.
  • Add getExitFee function.
  • Add events LOG_EXIT_FEE_RECIPIENT_UPDATED and LOG_CONTROLLER_UPDATED.
    • Enables easier subgraph tracking.

Core Index Pool

  • Add exit fee of 0.5%.
  • Send exit fees to _exitFeeRecipient instead of _controller.
  • Add setExitFeeRecipient.
    • Allows controller to set fee recipient.
  • Removed flashBorrow function.
    • Not being used and code size is near maximum.

Sigma Index Pool

  • Change setExitFeeRecipient call permission from only current fee recipient to only controller.
4 Likes
#2

I have successfully committed a security review of the modifications for the contract upgrades and have found nothing of concern. LGTM!

4 Likes
#3

Awesome! Glad to see the changes coming to the core indices.